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Fly News Breaks for November 2, 2015
RAX
Nov 2, 2015 | 08:20 EDT
BofA/Merrill upgraded Rackspace to Buy and lowered its price target to $38 from $47 on shares. Analyst Scott Shiao industry checks indicates Q2 incremental weakness has moderated in Q3, suggesting revenue should "mildly" accelerate, putting second half 2015 estimates less at risk. Shiao sees limited downside risk to shares given investor sentiment and a valuation that reflects a very bearish view for the the company.
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